"Crypto ATMs" consumer page
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Research, not advice. Part of the Bitcoin research archive (October 2026). Claims labelled unverified, contested or fringe are reported, not endorsed; statuses of bills and rules are as of the date checked. Government, court and patent records are public domain; the research notes are CC BY 4.0.
Crypto ATMs | ND Department of Financial Institutions
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Crypto ATMs
Crypto ATMs
Crypto ATMs (Automated Teller Machines), also known as virtual currency kiosks, are physical kiosks that convert traditional currency into virtual currency. Some crypto ATMs operate through partnerships with traditional ATMs. Therefore, even if you are using a traditional ATM, it is important to stay alert and ensure you are accessing the correct financial service you need.
Crypto ATMs, usually found in locations like grocery stores, gas stations, convenience stores, and malls, look and operate like regular bank ATMs. However, these virtual currency kiosks allow individuals to purchase and send virtual currencies, like Bitcoin, Ethereum, and Tether, to other parties.
Although a crypto ATM may look like a traditional ATM or can be part of a traditional ATM, it offers different financial services, and it’s important for you to understand these differences before operating.
A crypto ATM allows customers to purchase cryptocurrency and send them to a digital wallet. Meanwhile, traditional ATMs are limited monetary transactions within conventional banks or credit unions.
Useful Terms
Virtual Currency:
A digital representation of value used as a medium of exchange, unit of account, or store of value; and is not money, whether or not denominated in money.
Virtual Currency Kiosk or Crypto ATM:
An electronic terminal acting as a mechanical agent of the cryptocurrency operator to enable and facilitate the exchange of virtual currency for money, bank credit, or other virtual currency. This includes traditional ATM that offer virtual currency services.
Virtual Currency Wallet/Crypto Wallet:
A software application or other mechanism providing a means to hold, store, or transfer virtual currency.
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What is cryptocurrency?
The term cryptocurrency is also known as virtual currency.
North Dakota state law defines “virtual currency” as a digital representation of value that:
Is used as a medium of exchange, unit of account, or store of value; and
Is not money, whether or not denominated in money; and
Does not include:
A transaction in which a merchant grants, as part of an affinity or rewards program,
value that cannot be taken from or exchanged with the merchant for money, bank credit, or virtual currency; or
A digital representation of value issued by or on behalf of a publisher and used solely within an online game, game platform, or family of games sold by the same publisher or offered on the same game platform.
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Does North Dakota regulate crypto ATMs?
Yes. Under North Dakota Century Code (NDCC) Chapter 13-09.1-50, a virtual kiosk operator may not engage in virtual currency business activity or represent itself as being able to do so on behalf of another person, unless the operator is licensed in this state as a money transmitter. The operator must also comply with all requirements applicable to money transmitters.
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Does North Dakota law protect consumers from fraud involving crypto ATMs?
The 69th Legislative Assembly, which commenced on Jan. 7, 2025, approved House Bill (HB) 1447 relating to virtual currency kiosks.
Customer protection contained in HB 1447, include
Limits daily transactions to $2,000 per customer.
Mandates that kiosks clearly disclose risks, fees, and transaction details.
Requires a transaction receipt.
Requires additional security measures to detect fraud.
Requires that live customer service be available from 8:00 a.m. to 10:00 p.m. Central Time.
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Are crypto ATMs subject to specific anti-fraud requirements in North Dakota?
Yes. NDCC Chapter 13-09.1-52: Prevention of fraudulent activity, establishes anti-fraud requirements for virtual currency kiosks:
Use blockchain analytics to detect and prevent suspicious activity, such as transactions to known fraudulent wallets.
Designate and employ a full-time qualified compliance officer.
Designate and employ a full-time qualified customer protection officer.
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How can I protect myself from scammers?
Historically people have been defrauded by scammers using various methods, including directing them to purchase gift cards, instructing them to mail cash, and ordering them to divulge private information. Although those practices are still in use, scammers are increasingly leveraging crypto ATMs to defraud individuals.
Remember, no legitimate business or government entity will ever ask you to deposit cash or purchase virtual currency at a crypto ATM to resolve an issue, protect your money, or make an advanced payment.
It is very important to use caution with any crypto ATM request since once funds are deposited, they can instantly be transferred to other wallets, often overseas, making it exceedingly difficult to trace and get the money back.
Identify possible scams by following these recommended steps:
Pause first: Scammers usually operate creating a sense of urgency requiring unsolicited information or action.
Identify red flags: DO NOT send money or deposit cash at a virtual currency kiosk if
You don’t know or trust the person, or you have not met them in person.
You sense a false urgency. Scammers even pressure victims by claiming urgent problems with accounts, an emergency involving family members, or avoiding legal action that you have no knowledge of, preventing you from thinking clearly.
You are asked to withdraw large amounts of cash and deposit the funds into a crypto ATM.
An unknown person tries to falsely assure you that using a crypto ATM will “protect” or “secure” your money.
You receive a fraudulent check and are then instructed to send back money or virtual currency using a crypto ATM.
You are directed to scan a QR code at a crypto ATM by anyone other than a trusted source.
You are being asked for personal information, such as your Social Security number, bank account number, wallet address, or access to any of your financial accounts.
You have not verified if the company is regulated and licensed in North Dakota.
Contact customer support: Regulated virtual currency/crypto ATMs in North Dakota are required to offer a live customer service line from 8:00 a.m. to 10:00 p.m. Central Time. Contact them if you have doubts about the legitimacy of a request or their business.
Verify that the caller is legitimate. Ask for the caller’s name, then tell them you will return the call. Look up the organization’s official contact information from a trusted source and call back using that number to ask for the individual.
Stay informed: Subscribe to the North Dakota Department of Financial Institution (NDDFI) News and Alerts and, review the NDDFI’s Financial Literacy educational resources to stay informed.
Report: if you believe you are a victim of a scam involving a crypto ATM regulated in North Dakota, gather all details, including received calls, transactions made, and information shared, and then contact law enforcement. You can also file a Financial Institution Consumer Complaint or notify the Office of the North Dakota Attorney General.
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How can I see if a company is licensed to operate a crypto ATM in North Dakota?
You can verify a financial service provider through the Nationwide Multistate Licensing System (NMLS) Consumer Access. This resource allows you to confirm whether the financial services company or professional you wish to do business with is authorized to operate in North Dakota.
How do I report potential fraud?
If you believe you are a victim of a scam involving a crypto ATM regulated in North Dakota, gather all details, including received calls, transactions made, and information shared, and then contact law enforcement. You can also file a Financial Institution Consumer Complaint or notify the Office of the North Dakota Attorney General.
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Useful Resource
FinCEN Notice on the Use of Convertible Virtual Currency Kiosks for Scam Payments and Other Illicit Activity
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